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Nonprofiteer
← LORAIN-MEDINA RURAL ELECTRIC COOP INC

Form 990 for tax year 2022

Filed by LORAIN-MEDINA RURAL ELECTRIC COOP INC.

Totals

Total revenue
$48,347,059
Total expenses
$40,980,234
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$46,684,500
Investment income
$240,401
Other revenue
$1,422,158
Total assets, end of year
$106,860,497
Total liabilities, end of year
$42,897,149
Net assets or fund balances, end of year
$63,963,348
Program services expenses (Part IX)
$40,980,234
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$40,980,234

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RESIDENTIAL SALES

    total $35,169,133 · related or exempt $35,169,133

  • 2b · Program service revenue: COMMERCIAL SALES - LARGE

    total $4,849,181 · related or exempt $4,849,181

  • 2c · Program service revenue: COMMERCIAL SALES - SMALL

    total $4,392,075 · related or exempt $4,392,075

  • 2d · Program service revenue: PUBLIC REVENUES

    total $1,313,540 · related or exempt $1,313,540

  • 2e · Program service revenue: OTHER ELECTRIC REVENUES

    total $960,571 · related or exempt $960,571

  • 3 · Investment income

    total $240,401 · excluded $240,401

  • 11a · Other revenue: G & T CO-OP CAPITAL CREDITS

    total $1,246,839 · related or exempt $1,246,839

  • 11b · Other revenue: OTHER CAPITAL CREDITS & PATRONAGE

    total $126,867 · related or exempt $126,867

  • 11c · Other revenue: MISC REVNEUE/EXPENSE

    total -$25,069 · related or exempt -$25,069

  • 11d · All other revenue

    total $73,521 · excluded $73,521

  • 11e · Other revenue, total

    $1,422,158

Functional expenses

Part IX, the statement of functional expenses.

  • 20 · Interest

    total $1,204,722 · program services $1,204,722

  • 22 · Depreciation, depletion and amortization

    total $2,931,773 · program services $2,931,773

  • 24a · Other expenses: PURCHASED POWER

    total $26,382,543 · program services $26,382,543

  • 24b · Other expenses: GENERAL AND ADMINISTRAT

    total $5,431,309 · program services $5,431,309

  • 24c · Other expenses: OPERATIONS EXPENSE

    total $2,672,658 · program services $2,672,658

  • 24d · Other expenses: STATE EXCISE TAX

    total $1,430,945 · program services $1,430,945

  • 24e · All other expenses

    total $926,284 · program services $926,284

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,279,948 · end of year $9,992,940

  • 2 · Savings and temporary cash investments

    beginning of year $5,968,935 · end of year $4,699,472

  • 4 · Accounts receivable

    beginning of year $3,857,024 · end of year $4,550,302

  • 7 · Other notes and loans receivable

    beginning of year $9,196 · end of year $18,559

  • 8 · Inventories for sale or use

    beginning of year $655,086 · end of year $1,111,810

  • 9 · Prepaid expenses and deferred charges

    beginning of year $199,041 · end of year $206,255

  • 10a · Land, buildings and equipment: cost or other basis

    $104,625,227

  • 10b · Land, buildings and equipment: accumulated depreciation

    $38,207,615

  • 10c · Land, buildings and equipment, net

    beginning of year $62,814,221 · end of year $66,417,612

  • 12 · Investments: other securities

    beginning of year $19,989,977 · end of year $19,816,910

  • 15 · Other assets

    beginning of year $229,965 · end of year $46,637

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,908,552 · end of year $5,121,921

  • 23 · Secured mortgages and notes payable

    beginning of year $36,137,364 · end of year $34,453,159

  • 25 · Other liabilities

    beginning of year $3,100,468 · end of year $3,322,069

  • 29 · Capital stock, trust principal or current funds

    beginning of year $268,185 · end of year $268,185

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $58,588,824 · end of year $63,695,163

Mission and programs · 2022

Mission

TO PROVIDE OUR MEMBER-OWNERS WITH HIGHLY RELIABLE ELECTRIC SERVICE, SUPERIOR CUSTOMER SERVICE AND INNOVATIVE ENERGY SOLUTIONS AT COMPETITIVE PRICES.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.

  • PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.

    Expenses $40,980,234 · Revenue $48,033,137

As filed on the 2022 return.

Listed in Part VII

  • Rodney Eaton

    CHAIR

    Total calculated
    $18,475
    From this org
    $18,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.55

  • Keith Lowe

    TREASURER

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.59

  • James McConnell

    DIRECTOR

    Total calculated
    $11,175
    From this org
    $11,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.61

  • Gary Rowland

    VICE CHAIR

    Total calculated
    $15,800
    From this org
    $15,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.22

  • Judy Pickworth

    DIRECTOR

    Total calculated
    $12,575
    From this org
    $12,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.01

  • Brenda Wolfe

    SECRETARY

    Total calculated
    $11,100
    From this org
    $11,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.9

  • Joseph Swinko

    DIRECTOR

    Total calculated
    $9,800
    From this org
    $9,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.08

  • Richard Dumperth

    DIRECTOR

    Total calculated
    $3,575
    From this org
    $3,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.31

  • Kenneth Diedrick

    DIRECTOR

    Total calculated
    $5,100
    From this org
    $5,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.59

  • Kathleen Norton Fox

    DIRECTOR

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.22

  • Richard Indoe

    DIRECTOR

    Total calculated
    $5,525
    From this org
    $5,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.42

  • Edward Vanhoose

    PRESIDENT/CEO

    Total calculated
    $225,032
    From this org
    $207,119
    From related orgs
    $0
    Other
    $17,913
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $207,119
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,913
    Filer's total
    $225,032

  • Brad Warnement

    CHIEF OPERATING OFFICER

    Total calculated
    $137,471
    From this org
    $118,504
    From related orgs
    $0
    Other
    $18,967
    Hours/week
    53.85

  • Joel Miller

    LINE FOREMAN

    Total calculated
    $138,259
    From this org
    $127,064
    From related orgs
    $0
    Other
    $11,195
    Hours/week
    50.42

  • Lucas Stone

    LINEMAN

    Total calculated
    $128,738
    From this org
    $115,315
    From related orgs
    $0
    Other
    $13,423
    Hours/week
    49.12

  • Nicholas Smith

    LINEMAN

    Total calculated
    $119,445
    From this org
    $106,069
    From related orgs
    $0
    Other
    $13,376
    Hours/week
    46.67

  • Michael Kelsey

    LINEMAN

    Total calculated
    $109,493
    From this org
    $102,179
    From related orgs
    $0
    Other
    $7,314
    Hours/week
    46.6

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FEDERATED ENERGY SERVICES COOPERATIVE INC

    C · SERVICE MANAGEMENT · OH · 50% owned

  • LORAIN-MEDINA RURAL DEVELOPMENT CORP INC

    C · ECONOMIC DEVELOPMENT · OH · 100% owned

    Directly controlled by LORIAN-MEDINA RURAL ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
24 October 2023
IRS schema version
2022v5.0
Source object
202323189349302822

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